All posts tagged mergers

We’ve all sat through those long boring announcements before take-off.

Maybe that’s why Thursday’s conference call announcing the merger of American Airlines and US Airways began with the operator not merely pointing listeners to the disclosures around forward-looking statements — but also reading out a big chunk of them on the line.

Once the call got going, though, at least one of the two co-pilots – Tom Horton of American and Doug Parker of US Airways — was keen to get a move on.

Progress Energy celebrated independence day early by giving up its own, completing its merger with Duke Energy on Tuesday. Not everyone was popping corks though: Progress CEO Bill Johnson resigned rather than stay on to lead the utility behemoth he helped create.

Duke’s board won’t say why Johnson left. The move is nothing less than stunning. Johnson had gone through a glacial 18-month process to complete the deal and was set to run the largest electricity company in the U.S. Only this weekend, he said in an interview with the Charlotte Observer that he would work to soothe the workforce after such a long period of uncertainty.

In investing circles, Warren Buffett’s name is usually like sticking a Prada label on a handbag. But his brand cuts both ways in deal making.

It emerged Thursday that Mr. Buffett’s Berkshire Hathaway might provide $2.5 billion of a $10.69 billion bid for cosmetics group Avon Products led by Coty Inc. On the plus side, having Mr. Buffett’s firepower at your disposal makes an offer more credible. And Coty’s latest offer of $24.75 a share is 6.4% above a previous bid last month.